Blackstone Group announced plans on Friday to spin off its financial and strategic advisory services, restructuring and reorganization advisory services as well as its Park Hill fund placement businesses into a separate, publicly traded company led by Paul Taubman.
The new entity will include PJT Partners, the fledgling financial advisory firm founded by Taubman, who previously served as copresident of the institutional securities group at Morgan Stanley. Blackstone’s advisory businesses alone generated approximately $380 million of revenue for the 12 months ending June 30, according to a statement released by the company. The spinoff was largely the result of Blackstone’s wanting to avoid conflicts with its private-equity and debt-investing businesses, according to The Wall Street Journal.
